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Argentinian Profertil’s urea output rises 16pc in 1H26
Argentinian Profertil’s urea output rises 16pc in 1H26
Amsterdam, 12 August (Argus) — Argentina's Profertil produced 16pc more urea on the year at 617,000t in January-June, according to 90pc shareholder Adecoagro. The plant produced 340,000t of urea in the second quarter, up from 279,000t a year earlier. Adecoagro used figures on a pro forma basis from last year to compare with the period prior to the acquisition of its controlling stake in the Bahia Blanca plant in mid-December 2025. Adecoagro attributed the increase to a higher number of operational days compared with the first six months of last year, when operations halted for 31 days, the firm said in its earnings statement. The halt was largely because of a flood that affected gas supplies to the facility. Profertil sold 404,000t of urea in the first six months, down from 433,000t a year earlier. Urea revenues hit $250mn in January-June, up by 30pc from $192mn a year earlier, as prices spiked in line with international levels after the start of the Iran war at the end of February and ensuing constriction of shipments from the Middle East. The Profertil plant has 1.3mn t/yr of granular urea capacity and is the only urea facility in the country. But Pampa Energia aims to establish a competing 2.1mn t/yr urea facility in about 40 months, also in Bahia Blanca. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
IEA sees greater oil demand fall in 2026
IEA sees greater oil demand fall in 2026
London, 12 August (Argus) — The IEA has downgraded its outlook for global oil demand this year, citing persistent disruptions to exports through the strait of Hormuz and elevated fuel prices. In its latest Oil Market Report (OMR), published on Wednesday, the IEA said 2026 demand will decline by 1.56mn b/d, around 510,000 b/d more than it forecast in its previous OMR, to 103.29mn b/d. It said demand contracted by 4.9mn b/d on the year in the second quarter, and said this would ease to 2.8mn b/d in the current quarter before a return to growth of around 580,000 b/d in the final three months of the year. The agency assumes a de-escalation between the US and Iran will see oil flows gradually recover in the coming months, and on that basis it forecasts global oil demand will grow by 2.4mn b/d, to 105.7mn b/d, in 2027. A recovery in movement through the strait of Hormuz would reverse a global annual supply contraction of around 4.3mn b/d in 2026 into supply growth of 8.3mn b/d in 2027, the IEA said. Consequently, this would flip a projected supply deficit of 1.3mn b/d in 2026 into a 4.6mn b/d surplus in 2027, allowing countries to replenish their strategic and commercial stocks. A potential supply overhang of up to 4mn b/d from the fourth quarter of 2026 "could return global stocks to their February 2026 levels by mid-year and push them 1bn bl above that level by end-2027," it said. The IEA said the global stocks drawdown rate was 2.7mn b/d in February-July, leaving observed stocks below 7.9bn bl for the first time since April 2025. The agency said the supply disruptions through the strait of Hormuz are prompting countries to increase oil storage capacity, to guard against future supply stocks. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz traffic still low, Iran seeks concessions
Hormuz traffic still low, Iran seeks concessions
New York, 11 August (Argus) — Vessel traffic through the strait of Hormuz remained low on Monday while Iran demanded additional concessions from the US for the reopening of the narrow waterway, the date of which remains elusive. Vessel traffic through the strait of Hormuz totaled 10 vessels on 10 August,split between seven inbound transits and three outbound transits, maritime security firm Windward said on Tuesday. These took place through the northern corridor with the exception of two vessels, one in either direction, that utilized the US-supported southern traffic lane. Total traffic through the strait on 10 August was at around 7pc of pre-war levels. Vessel traffic through the strait of Hormuz edged up from a two-week low of seven crossings recorded on 9 August, according to Windward data. "The strait of Hormuz will not reopen until the US ends the war and blockade, releases Iran's frozen assets, and agrees to a region-wide ceasefire, including in Lebanon and Gaza," secretary of Iran's Supreme National Security Council Mohsen Rezaei said in remarks carried by IRGC-affiliated Tasnim. "Until all conditions are met, the strait will remain closed." Pakistan's interior minister Mohsin Naqvi was in Tehran and met with Iranian Foreign Minister Abbas Araghchi in Tehran, but no announcement was made regarding progress on reopening the strait of Hormuz. The US Central Command (Centcom), which oversees US forces in the Middle East, said in an 11 August notice by the UK Maritime Trade Organization (UKMTO) that 42 vessels transited the strait of Hormuz between 9-10 August. That figure was not corroborated by vessel tracking and satellite information and could not be independently verified. "Maritime traffic through the strait of Hormuz is expected to remain at reduced levels across both the northern Iranian-controlled route and the southern Omani corridor," UKMTO said in its notice, describing vessel transits as being in the "single digits". Blockade enforcement continues The US continued to enforce its retaliatory blockade against Iranian ports, while Iran maintained the removal of the blockade as one of the necessary preconditions for the reopening of the strait. Centcom confirmed on 11 August that it disabled a cargo vessel, Vela Nova, attempting to violate the blockade imposed by the US on Iran, which was likely the "military forces" incident that the UKMTO announced earlier in the trading day . "A U.S. Navy MH-60 helicopter fired two hellfire missiles into the Vela Nova 's engine room after the ship's civilian crew ignored repeated warnings from American forces," Centcom posted on X on 11 August. Centcom has redirected 55 commercial vessels and disabled three others, including the Vela Nova . It also boarded two vessels to ensure compliance with the blockade. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico industrial output rebounds in June
Mexico industrial output rebounds in June
Mexico City, 11 August (Argus) — Mexico's industrial production expanded by 0.2pc in June from the previous month, marking gains in two of the second quarter's three months as construction showed signs of a tentative recovery. The June increase in Mexico's industrial activity indicator (IMAI), reported Tuesday by statistics agency Inegi, followed a revised 0.7pc contraction in May and a 2.1pc expansion in April. Industrial activity posted a cumulative net increase of 1.6pc over the second quarter. The June result matched the consensus forecast cited by Mexican bank Banorte. Construction, which accounts for 19pc of the IMAI, expanded by 3pc in June, rebounding from a 3.7pc decline in May after a 7pc increase in April. Within the sector, building construction rose by 4.8pc in June after falling 5.5pc in May. Civil engineering fell by 2.7pc, reversing a 4.5pc May increase. Weakness remained concentrated in manufacturing, which declined by 0.6pc in June after a 0.1pc drop in May and a 1.1pc increase in April. Ten of 21 manufacturing subsectors contracted in June. The heavily weighted transport equipment segment fell 3.2pc in June, its first decline since January and the steepest since July 2025. Machinery and equipment output fell by 1.4pc after a 3.1pc May increase, while electronic equipment expanded by 0.5pc after declining 0.1pc. Mining expanded by 0.6pc in June, led by a 10.5pc increase in related services, with the oil component also positive at 0.2pc. This follows 0.3pc expansion in May and a 0.2pc decline in April. Generation, transmission and distribution of electricity, natural gas and water rose by 0.9pc in June, marking its first monthly expansion of 2026 after contraction of 0.4pc in May. Industrial production returned to positive territory in annual terms, expanding 1.7pc in June from a year prior, with all four sectors posting increases. Mining was the top performer, rising 6.6pc, followed by construction at 5pc. Utilities rose by an annual 0.7pc, with manufacturing edging 0.1pc higher. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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